the fall of NYC

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Briansol

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I'm predicting it here and now.

NYC will go back to its early 80's mess very very soon.


why?

0.5% of People in NYC pay 50% of total tax revenue
40,000 people, out of 8,000,000 pay 50% of the taxes.

How many of those 40,000 are in financial services and will have a maximum income of $500,000, a massive pay cut, next year because of Barak Obama?

Thus, tax revenue will be in the can hardcore this year, and it's going to spiral down into a california sized disaster.


way to go democrats!
 

jamesA

Thank you for your business.
VIP
So bloomberg was predicting it here and now?
 

BigJ

I'm just about that action Boss.
VIP
Yeah. Saw that. He's pretty insightful. I was hoping he would be apart of the new regime, but doubtful.
 

Capt. Orygun

Win the Day
not only that, because of this stimulus we are printing WAY more money than we should be. This will cause massive inflation and the money they do get won't be worth what it is today. The concept of putting all the tax burden on the rich does not work, we need a consumer based tax system, not an income based tax system.
 

EGProject

YEEEEAAHHHHH
I guess the stimulus package is working, i mean....the Dow only fell 89 points today to end at a 12 year low.

This fucking presidency is a joke.
 

Briansol

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its cool with me.
it gives me more time to buy in on things at dirt cheap prices. i only have so much $ a month to play with stocks, so the longer its low while i'm in my 20's, the earlier i get to retire.

thanks obama :)
 

hondasaurus

Member
not too far off from who pays US taxes. 70s all over again nyc. some earners will move to CT and NJ.
link
Shazam! Mayor Bloomberg Finally Understands Who Pays NYC Taxes
BLOOMBERG: One percent of the people that live in the city, the households that file in the city pay something like 50% of the taxes. In a city that's about 40,000 people so, you know, a handful left, any raise would make it revenue neutral. The question is, "What's fair?" If one percent are paying 50% of the taxes, you want to make it even more? A little over half the people, half the households who file tax returns don't pay any taxes. And about 30% of the households that file get a credit from the government. The government sends them a check. That's the Earned Income Tax Credit.
BLOOMBERG: One percent of the people that live in the city, the households that file in the city pay something like 50% of the taxes. In a city that's about 40,000 people so, you know, a handful left, any raise would make it revenue neutral. The question is, "What's fair?" If one percent are paying 50% of the taxes, you want to make it even more? A little over half the people, half the households who file tax returns don't pay any taxes. And about 30% of the households that file get a credit from the government. The government sends them a check. That's the Earned Income Tax Credit.

 

DarkHand

Senior Member
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0.5% of People in NYC pay 50% of total tax revenue
40,000 people, out of 8,000,000 pay 50% of the taxes.

Well there's the problem, proportional taxes would fix that.

EDIT: Although if the pay differences are dramatic enough, proportional taxes may actually increase that type of thing. Hmm.
 

Briansol

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I still need to start buying stocks.

Major stock market indexes fall to 1997 levels - Yahoo! Finance

because of the fall, you can effectively get a 10 year head start on investing.

as long as your in for the long haul, you have slim chance of losing money if you invest in solid firms that won't go under. the market will recover. probably not this year or next... but in your lifetime, it will. And you will see huge gross profits if you get in now while its dirt cheap.
 

get_nick

These snozzberries taste like snozzberries...
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i wish i wasn't saving for school, i would dump every penny i have into the market.

wanna hear some shit...
right after the market crashed, my old boss invested over $2,000,000 of his own money on margin because he thought it would jump back.

so he has paid 5.75% interest on that for the last year. and the stock has dumped...

some of the holdings....
AIG
C
FLEX
 

Briansol

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ouch.

i took a beating on flex as well :( no point even selling it now... just riding it out for a few years.... heh
 

get_nick

These snozzberries taste like snozzberries...
VIP
well, at least you didn't have over $5mm of your clients money in it. lol

i hate that guy...AIG has lost $30/share. he bought over $10mm of it...it's about $500,000 now. asshole.
 

drbelanger73

Beer is good for you.
Being that my wife is Icelandic we had most of our cash stashed overseas. Problem is that all four major banks got take over by the government after the British made a run on the banks, even used Anti-Terrorist laws against Icelandic assets in Britain. On top of it the government collapsed and is an iterim state until elections in June.

Lets just say that 30 grand I had isn't worth quite what it used to be...

As far as New York goes, dont forget about all the writers, photographers, fashion moguls and actors/actresses that live there. I'm sure there will be plenty of people to tax, just different faces...
 

BigJ

I'm just about that action Boss.
VIP
Major stock market indexes fall to 1997 levels - Yahoo! Finance

because of the fall, you can effectively get a 10 year head start on investing.

as long as your in for the long haul, you have slim chance of losing money if you invest in solid firms that won't go under. the market will recover. probably not this year or next... but in your lifetime, it will. And you will see huge gross profits if you get in now while its dirt cheap.


Word. I'm all about this. Hopefully I get the salary I want come june and I can get in early and ride it on the up swing of a new regime change in 8 years.(you heard me).
 
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